Here's an email I recently received from a reader:
I am 29 with a husband and a newborn. We have never had extra money and generally live paycheck to paycheck. We have worked hard on living frugally in anticipation for me going from full time to part time work after my son was born.
We exceeded our goals and finally have a $20,000 savings and I am nervous as to what to do with it: start retirement account (husband is a pastor, I am a teacher, both with no retirement benefits), pay down mortgage debt (85,000, 5%) or student loans (20,000, 3%), invest, or put money in 529 college savings for our son? I am really just lost. Any book recommendations or advice is appreciated.
What is your advice for her?